Taxes
Interesting news from our tax advisor (my mom- lol)
Apparently the stimulus checks that have gone out in 2020 were based on 2020 taxes (what we are filing this year). So, we have an additional credit for my SS that BM has already received.
She said nothing is guaranteed right now but it appears that we might get that money in our return and BM will have to repay it since we get to claim him this year.
Personally I think it's fair since according to the CS calculations we pay for 90% of SS's life. Why should BM get the $$? Who knows what will happen over the next few days but it gave me a chuckle thinking FOR ONCE bm doesn't get it all.
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Wait, I'm confused. How can
Wait, I'm confused. How can the checks that have gone out already be based on taxes that haven't been filed yet? I didn't think they had decided yet about the next wave of stimulus checks.
2020 stimulus cannot be
2020 stimulus cannot be possibly based on 2020 taxes as nothing was filed yet and the year wasn't even over yet
My understanding is that the
My understanding is that the two stimulus payments that have already been paid were an advance on the 2020 tax credit. They sent the payments based on 2019 taxes (in some cases for the first payment it was based on 2018 taxes since not everyone had filed their 2019 taxes when it was sent) because that's all they had at the time.
I already did our taxes, and
I already did our taxes, and there's a section where you enter whether you received the first and second stimulus payments, which are essentially an advance on a 2020 tax credit. We had all 3 of the kids on our 2019 taxes, so we had already received the first two payments, so we didn't get anything more when we filled out the taxes. However, if you're entitled to take a dependent and you didn't get the full stimulus payment for him, I think you get it (it was called the Recovery Rebate Credit). I have no idea whether BM would have to pay it back - I've heard that both parents might get to keep it in a situation where one parent received it based on 2019 taxes but the other parent gets it based on 2020 taxes, but I have no idea if my source was correct.
It will be interesting to see
It will be interesting to see how it plays out. We get a refund this year either way but if BM gets less or has to pay that back, we'll, that will be Karma at its best!
This article may help explain
This article may help explain what happens/ happened with divorced parents.
https://www.cnet.com/personal-finance/stimulus-checks-and-child-support-...
We got child credit $$$ with both checks
Based on our 2019 tax filings and we THINK that BM also got child $$$ based on her 2108 filings because she hasnt worked since 2018 and didnt file taxes last time either.